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Remittance Company Xoom Loses Corporate Cash To Fraud

Xoom's Chief Financial has resigned amid news that $30.8 million in corporate money had been transfered overseas. Xoom's primary business is allowing individuals in the United States to send money to people outside of the country.

This case continues to highlight the extreme vulnerability too fraud faced by companies handling United States Dollars. This company whose entire business was foreign money transmission lost when facing the inherent structural deficiencies of the fiat banking and money transfer system. It seems unlikely that the fiat monetary system can survive its backbone of insecurity.